Hi YaThanks for your usual detailed post - good reading....

Hi Ya

Thanks for your usual detailed post - good reading. Question for you - p16 of MEO's 22 May presentation includes a per share value for MEO's equity interest in Atermis as approx $2.50 (this is post farm out, with 20% retained).

I'm not exactly sure how they have crunched this number, but i assume it has some merit.

Any comments on the difference between what the company has released and your $1.28 unrisked value and 13c risked value for a 70% interest? (I know they have used 80% recoverable compared to your 70%, but that doesn't explain the significant difference, particularly given the company has only used a 20% equity interest).

It seems to me that the company is using figures closer to Bello's to value its assets. Bello - the presentation uses US$0.50 mcf, so double your first conservative estimate.

Interested in your thoughts.